SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-K/A-1
/X/ANNUAL REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934 (Fee Required)
For the fiscal year ended the Last Day of February, 1994
Commission File Number 0-8955
THE CHERRY CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 36-2977756
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
3600 Sunset Avenue, Waukegan, IL 60087
(Address of principal executive offices) (Zip Code)
Registrant's telephone number including area code: (708) 662-9200
Securities registered pursuant to Section 12(b) of the Act: NONE
Securities registered pursuant to Section 12(g) of the Act: Common Stock,
$1 Par Value
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. /X/ Yes / / No
Indicate by check mark if disclosure of delinquent filers pursuant to Item
405 of Regulation S-K (paragraph 229.405 of this chapter) is not contained
herein, and will not be contained, to the best of registrant's knowledge,
in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to the form 10-K. / /
The aggregate market value of the registrant's Common Stock on May 16, 1994
held by nonaffiliates was approximately $55 million, based on a calculation
that 39% of the shares are owned by nonaffiliates and are valued at the
closing price as reported on the NASDAQ National Market System on May 16,
1994.
As of May 16, 1994, 4,664,098 shares of the registrant's Common Stock were
outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
Documents Incorporated: Part of Form 10-K:
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Various parts of the Company's Proxy All of Part III
Statement for its 1994 Annual Meeting
<PAGE>
The undersigned registrant amends the following items, financial
statements, exhibits or other portions of its annual report Form 10-K
pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for
the fiscal year ended February 28, 1994 as set forth below:
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The consolidated statements of cash flows within Item 8 are hereby amended
by deleting all of such statements in there entirety and replacing such
text with the following:
<TABLE>
THE CHERRY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
<CAPTION>
Year Ended the Last Day of February
(Dollars in thousands) 1994 1993 1992
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<S> <C> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings $ 11,033 $ 10,257 $ 4,665
Adjustments to reconcile net
earnings to net cash provided
by operating activities:
Depreciation and amortization 16,720 18,023 16,729
Cumulative effect of change in
accounting principle (1,542) -- --
Loss on sale of land, buildings,
equipment and intangibles 4 198 358
Income from unconsolidated
affiliate (643) (510) (532)
Changes in assets and liabilities:
(Increase) decrease in receivables (2,880) (9,821) 4,167
(Increase) in inventories (2,989) (1,193) (671)
(Decrease) increase in
accounts payable 784 4,532 (1,691)
(Increase) decrease in
income taxes, net 654 5,687 (8,416)
Increase in
deferred income taxes 1,335 654 3,942
(Increase) decrease in other
working capital, excluding
cash and short-term borrowings 5,871 (956) (611)
---------- ---------- ----------
Total adjustments 17,314 16,614 13,275
---------- ---------- ----------
Net cash provided by
operating activities 28,347 26,871 17,940
---------- ---------- ----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of land,
buildings and equipment 28 239 471
Expenditures for land, buildings
and equipment (23,390) (19,456) (9,429)
Other (445) 656 (415)
---------- ---------- ----------
Net cash used by investing
activities (23,807) (18,561) (9,373)
---------- ---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Increase (decrease) in short-term
borrowings 4,447 (10,537) (210)
Increase in domestic revolver
and uncommitted credit facilities 3,651 3,149 807
Principal payments on long-term
debt (11,383) (10,269) (7,819)
Proceeds from long-term debt -- 5,485 --
Equity and other transactions 238 605 10
---------- ---------- ----------
Net cash used by
financing activities (3,047) (11,567) (7,212)
---------- ---------- ----------
Effect of exchange rate changes on
cash flows (127) 42 (94)
---------- ---------- ----------
Net increase (decrease) in cash and
equivalents 1,366 (3,215) 1,261
Cash and equivalents, at beginning
of year 1,331 4,546 3,285
---------- ---------- ----------
Cash and equivalents, at end of year $ 2,697 $ 1,331 $ 4,546
========== ========== ==========
Supplemental disclosures of cash flow
information:
Cash paid during the year for:
Interest (net of amount
capitalized) $ 4,041 $ 5,288 $ 6,027
Income taxes (net of refunds) $ 3,703 $ (4,663) $ 2,775
<FN>
The accompanying notes are an integral part of the consolidated financial
statements.
</TABLE>
<PAGE>
SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
THE CHERRY CORPORATION
By \s\ Dan A. King
- - - -------------------------------
Dan A. King
Treasurer, Secretary and
Corporate Controller
Dated June 15, 1994
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